OAR 863-015-0250. Professional Real Estate Activity Records and Document Transmittal Requirements

(1) Complete and adequate records of professional real estate activity include complete, legible, and permanent copies of all documents required by law or voluntarily generated during a real estate transaction, including all offers received by or through real estate brokers or principal brokers to the client, including, but not limited to, the following: (a) A copy of any written agreement creating an agency relationship between a real estate broker or principal broker and a client that must be signed by all parties to the agreement. (b) A copy of any written acknowledgment of an agency relationship between a real estate broker or principal broker and a client that must be signed by all parties to such acknowledgment. (c) A copy of any written agreement for a listing, buyer representation, sale, purchase, rental, lease, lease option, or exchange of real property generated by a real estate broker or principal broker while engaging in professional real estate activity that must be signed by all parties to such agreement. (d) A copy of any receipt issued by a real estate broker or principal broker to evidence acceptance of funds or documents. (e) A copy of any vouchers or bills or obligations paid by the real estate broker or principal broker for the account of a client or customer. (f) A copy of any other document within the scope of the agency relationship provided to or received by a client through a real estate broker or principal broker during the term of an agency relationship. (g) All financial records as required in OAR 863-015-0255 and 863-015-0275. (2) When a real estate licensee receives any document referred to in (1) of this rule, the real estate licensee must transmit the document to the licensee’s authorized principal broker within 3 banking days of real estate broker’s receipt of the document. (3) In any real estate transaction in which an authorized principal broker performed or supervised the closing, the authorized principal broker must retain a copy of any closing statement showing receipts, disbursements and adjustments, which must contain the signatures of the seller(s) and the buyer(s).